Resource Stock Roundup: Friday, July 18th, 2008
Jul 18th, 2008 | By Doug Casey | Category: Gold MarketIt was yet another rough trading session for the resource-rich Canadian markets with the junior bourse once again taking the brunt of the pain.
For the tale of the tape, the TSX Exchange fell 0.32%, while the TSX Gold Index (TSE:XGD) dropped 1.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 1.10% with the declining issuers continuing to swamp the advancers this time by a 523 to 414 margin on volume of 136 million shares traded.
Golden Predator Mines (TSE:GP) and Midway Gold (AMEX:MDW) have inked a deal to merge. Under the initial terms, Golden Predator shareholders would receive one Midway share for each Golden Predator share held. Midway would then change its name to Golden Predator. The move would create a company with numerous advanced projects in Nevada. Midway ended the day down C$0.03 at C$1.87, while Golden Predator was unchanged at C$1.70.
Latin American Minerals got a boost after discovering 10 diamonds, ranging in size from 0.002 to 0.04 carat, on its Capiibary diamond exploration property in northeastern Paraguay. Latin ended the day up C$0.18 at C$0.45.
Tyhee Development (CVE:TDC) says that its Yellowknife gold project in the Northwest Territories has a pre-tax net present value of $145 million and would generate a pre-tax internal rate of return of 21.3% using a gold price of $750 per oz. and a 5% discount rate. The proposed 3,000 tonne per day combined open pit and underground operation would produce 165,000 ounces of gold annually for the first seven years. Tyhee ended the day flat at C$0.415.
Shares of Medoro Resources (CVE:MRS) added C$0.01 to close at C$0.21 after the junior tabled 16.5 grams gold per tonne over 11.9 metres at its Lo Increible gold project in Venezuela.
Thoughts that the worst is over for the more speculative stocks was short lived after Thursday trading. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, July 18th, 2008
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.